Australian Rugby Union chief executive John O'Neill believes an inter-hemisphere series has the "potential" to make autumn and summer fixtures more competitive and more meaningful.

At present, leading nations play Test matches in two international windows - northern hemisphere nations travel to the southern hemisphere in June with the reverse taking place in November - with nothing other than pride at stake.

However, the the International Rugby Board and chief executive officers of the 10 senior unions met in Hong Kong yesterday for their monthly meeting and discussed the prospect of including the June and November matches as part of a global competition.

"I applaud the initiative that is designed to put more meaning into the June and November windows," O'Neill told PA Sport.

"It's a work in progress, it's got a few wrinkles in it, but overall I've gone along with moving to the next stage.

"This has the potential - I stress potential - to put more meaning into the June window. The proof of the pudding will be in the eating, so there's a bit of distance to go."

The project is at an early stage but would involve a biennial competition - to avoid Rugby World Cup years and summers when the British and Irish Lions tour - likely to begin in 2010.

The top two nations may then play off for the championship but the prospect of a one-off fixture between the winners of the Tri-Nations and RBS 6 Nations at a neutral venue has been ruled out as "not feasible" by the IRB.

New Zealand Rugby Union chief executive Steve Tew said: "That is now off the table."

He added: "It was believed by the group of chief executives and the IRB staff that a world series concept has more potential to grow and become a truly attractive opposition than just a one-off match.

"It also has the chance to include Argentina. They are signalling that Argentina will come into this world series concept from 2012 as they are now embarking on a regime of work to get themselves into a position where they can join the international community on a more regular basis."

O'Neill stressed the competition requires the commitment of all nations to field their best teams.

He said: "The important thing that drives our agenda is to ensure that the international contests, the Test matches - the peak of rugby contests - are meaningful, that they have real significance, that there's something on the line and that it's the best playing the best.

"A new competition like a world series is dependent on everyone being committed to the best versus the best."